Math Problem Statement
If P1,000 accumulates to P1,500 when invested at simple interest for three years, what is the rate of interest?
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Simple Interest
Algebra
Percentages
Formulas
A = P(1 + rt)
r = (A - P) / (P * t)
Theorems
-
Suitable Grade Level
Grades 9-10
Related Recommendation
Calculate Interest Rate: From P45,000 to P105,000 in 12 Years
Calculate Rate of Return on an Investment with Simple Interest
Calculate Simple Interest Rate for $5000 Over 3 Years
Calculate Simple Interest: How Much to Invest for $17,500 in 10 Months?
Calculate the Interest Rate Needed to Double $5,000 in 8 Years with Compound Interest